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Private client acquires Widnes development from Haworth Group

Towngate Business Park in Widnes and Four Oaks Business Park near Preston have changed hands in deals that represent a blended net yield of 4.7%.

Submitting... It is located on Everite Road, Widnes, Towngate Business Park provides easy access to the M62 via the M57 (1 mile) and south to the M56 (1 mile), leading to the M6. The asset is fully let and generates rental income of £958,000 per annum. Harworth said the transaction was in line with its growth strategy and added it intends to invest in the estate, leveraging its asset management expertise to capture rental reversion and explore infill development opportunities over the medium term. The acquisition has been funded by proceeds from the company's active churn strategy in its in...

Neil Tague Industrial developer Harworth Group has acquired Towngate Business Park, a multi-let industrial estate in Widnes, from Yorkshire property company Towngate. The asset is fully let and generates rental income of £958,000 per year with an average unexpired lease term of 4.3 years. The deal reflects a net initial yield of 7.1% and a reversionary yield of around 9.4%. Harworth was advised by Metis and Freeths, while B8 Real Estate and Littler Associates represented the vendor. Towngate Business Park, a former Golden Wonder factory, comprises 262,000 sq ft of industrial space, now divid...